SEAN QUINN Jnr has offered to sell the €800,000 home he shares with wife Karen Woods in a bid to purge his contempt of court, the High Court heard this morning.
The High Court was told his half of the Alder Lodge property, of the edge of Dublin's Phoenix Park was the only asset he owns. The property was likely to fetch a sum close to €800,000, with his half-share to be paid to the former Anglo Irish Bank.
Last July, Mr Quinn Jnr, the son of bankrupt former billionaire businessman Sean Quinn, who is currently in prison for being in contempt of court, was jailed for three months after he failed to comply with court orders to reverse steps to put international assets out of the reach of IBRC, formerly known as Anglo.
He was released from Mountjoy Prison once his term expired.
His cousin Peter Darragh Quinn was also jailed for three months, but that sentence has not been executed as the businessman left the jurisdiction.
This morning when the matter was briefly mentioned before Ms Justice Elizabeth Dunne, the court was told that Mr Quinn was prepared to sell the luxurious home he jointly owns with his wife Karen Woods at at the exclusive Alder Lodge development at Farmleigh Woods, Castleknock, Dublin 15, and lodge the proceeds of the sale into court.
It was necessary to seek the court's permission to be allowed sell the property because as the couple are prevented from disposing of any assets.
In a letter from Arthur McLean Solicitors, which is representing Mr Quinn, the court was asked to defer the marketing and sale of the property until September 2013 to allow the couple some months "to regularise their lives together."
Counsel for Mr Quinn Martin Hayden SC said that it was hoped that the court would permit the proposed sale of his client's "family home" to be delayed "on compassionate grounds" given the traumatic events that had occurred in the couple's lives over the last two years.
Counsel added that Mr Quinn was making every effort in order to purge his contempt, including providing the bank with documentation it requires. While much has already been done more time was required by Mr Quinn's legal time, counsel added.
Shane Murphy SC, for IBRC, asked the court to adjourn the matter for a week so the bank could assess Mr Quinn's offer. Counsel also told the court that other issues had been raised in the letter which the bank wished to consider.
Ms Justice Dunne agreed to put the matter back to next Wednesday.